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FOX Business
Dec 2, 2012 1:00am EST
maybe we get through the fiscal cliff, but then another fiscal cliff comes, that's the whole point of this. >> in fact, and there was a proposal this week to try it get rid of the fiscal cliffs and no longer give congress full power to extend the debt. but i think, i'll tell you what, i'm kind of curious to see the other guys, i think we're going over the fiscal cliff because i thk that congress would much rather have us go over the fiscal cliff and then vote to lower taxes and increase spending and they can't bare to raise taxes and reduce spending and that's where we'll end up in three months and have a vote to lower taxes and increase spending. >> jonas what does it do in the short-term, i know you're talking long-term. but short. >> they're scaring erybody about this, like we've got to keep pushinon or the world is going tond and it's not as bad a the politicians are pretending it is even. look, it's not a good thing, but psyched into a level and it will be worse than the real effect of having the tax increase on the government level and that's the danger, using it as a tool to get their policies on boats sides of doing this, and they're going to cause -- the first recession is caused by psyching themse
PBS
Dec 6, 2012 7:00pm EST
about the fiscal cliff. you know all about the back and forth and drama about the fiscal cliff and delores wants your thoughts on where do you stand on this whole fiscal cliff, how will it play out. >> congress better get off its duff and do something. and i think that finally the pressure will be on us. but they always do it right to the last, you know, minute. but i think it's got to happen or they're going to be ousted from their hallowed political seats. >> tom: you could argue in the three years you've been away from the nbr anchor desk congress hasn't done a lot to address the fiscal situation. >> no it's just ridiculous. i mean these are our elected representatives and they have got to pay a little more attention to those that got them in the office. and they're arguing amongst themselves without much care about the people they represent. >> tom: a lot of those folks are retiree, we have a question from anita asking what is the investing or financial planning lesson paul use most during retirement? >> well, the number one is hope i can live my life to the last and still have enough capital to keep me going. and a lot of investors are running up against the same thing. they're running out of
CBS
Dec 5, 2012 7:00pm EST
now to talk fiscal cliff and ramifications for all of us around here in the d.c. area, virginia congress member gerry connolly, a democrat representing annandale, parts of prince herndon county, fairfax, welcome, sir. we know the arguments by now, very familiar. the president wants to cut off the tax cuts for everybody making over a quarter million. john boehner and the house republicans would rather see deductions and hoop holes closed. why are you? are you with the president wholeheartedly on this? >> well, i certainly agree with the president that we need to let the top tax bracket expire. he ran explicitly on that. there weren't a lot of explicits in this presidential campaign, but that was one of them. i think it ought to be open to negotiation what the income threshold is. the president laid out 250. i think there's maneuverability there. i think that's probably too low. >> is there maneuverability on the percentage? could it be 37 or 38? >> i think he has signaled that he's willing to negotiate on that, but the republicans have simply said no tax increases of any kind. >> compromise goes
CNN
Dec 5, 2012 8:00pm EST
be good. >> here we are at the edge of a fiscal cliff and congress is taking three day weekends and planning on a holiday break. >> i did an interview last night and he asked me if you could recommend one thing what would it be? and my recommendation would be, quit campaigning and having press conferences and sit down at a round table and talk about a deal. it was tough then too. we got a done. we quit running around and talking at each other and sat down and talked with each other. >> washington lost it's love of the deal. that compromise dosn't seem like that is happening at all. >> i was a conservative republican and i had strong believes about things that we should or should not do. when you are dealing with 100 united states senators you are not going to get it the way that you want it. the leaders in the congress have to step up. it is kind of dangerous, because the extremes in both parties, they are looking for a win on their point of view. but you have to be prepared to give some and prepared to push to get something done. if you do that, if you make up your mind i'm going t
FOX
Dec 10, 2012 12:00pm PST
republicans in a fiscal cliff negotiation. the president spoke at a detroit suburb with axle and engines. he continues to push his plan to raise taxes on the wealthy. >> all congress needs to do is provide a law that will provide taxes on the $250,000 of everybody's income. >> they are trying to enact a right to work law to allow workers to opt out of paying union dues. >>> and in san jose, they are trying to keep social programs in place despite the looming cliff and -- and jeanine della vega joins us with more. >> reporter: these people are protesting cuts politicians want to make they are holding up signs and getting honks from drivers on the road. this group of about 30 people have set up tents in front of the office and they are pleased she supports not cutting back on medicare medicaid and social security. for example they are upset that some of the proposals are about raising eligibility rate for people on medicare. other politicians are using the fiscal cliff into intimidating congress into dismantling the programs that others rely on. >> it ought to be used to strengthen the medicare program and we need to make reforms in the medicare program and it ought to be
WETA
Dec 6, 2012 6:30pm EST
pressed for congress to avoid the fiscal cliff. >> if this family has a couple of thousand dollars less to spend, that translates into $200 billion of less consumer spending next year. and that's bad for businesses, large and small. >> reporter: behind the scenes, the two sides are talking again. but there was no progress in public. senators today fought over the debt limit, and ended up deadlocked over a bill to allow the president to automatically increase borrowing. >> he's shown what he is really after is unprecedented powers to spend taxpayer dollars without any limit at all. >> reporter: if the debt limit isn't raised, the country can't pay for the spending congress has already approved. and economists say the nation pays a high price for this kind of brinksmanship. >> business people aren't going to engage unless they have clarity with respect to this thing. >> reporter: but few insiders expect to find much clarity from washington in the coming weeks. darren gersh, nbr, washington. >> susie: investors will be searching for more clarity on those fiscal cliff talks, and they will a
CBS
Dec 6, 2012 7:00pm EST
fiscal cliff, but what really happens on january 1st to you? this is a 9 news fiscal cliff note. fact, if congress and the white house don't reach an agreement, your paycheck is going to go down. the reason? because the tax withholding in your paycheck is going to increase. here's the back story. the current payroll tax cut is set to expire december 31st. in dollars and cents this means that your payroll tax withholding is going from 4.2% to 6.2%. now why is this happening? many of the policies expiring at the end of the year like the payroll tax cuts and emergency unemployment benefits were originally passed on a temporary basis. the thinking was that the economy would be in much better shape by now and the policies could expire without causing a recession. >> you can learn more any time at www.wusa9.com and on 9 news. this has been a 9 news fiscal cliff note. >>> i'm colonel will bourn stationed in kabul afghanistan. i'd like to send out a many are rei christmas to my wife and family and -- merry christmas to my wife and family in northern virginia. >>> we are gearing up for a big weekend of footbal
CNN
Dec 2, 2012 3:00pm PST
until we go over the fiscal cliff unless congress in the white house cuts a deal to avoid tax cuts. it sounds like two groups of people are looking at two different sets of numbers. take a look. >> we prefer to do upfront alongside a deal that includes raising rates on americans. we are prepared to do a meaningful amount of spending on the saving side, not just to avoid the damage of the sequester but to help reduce our long-term deficit. >> i was disappointed by the president's proposal. i think it is essentially a rerun of his budget proposal. the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other. that still appears to be what they're doing, no? >> i t
ABC
Dec 8, 2012 8:00am PST
republicans for blocking a bill to resolve the fiscal cliff crisis. congress has not compromised on whether taxes should be raised on wealthy americans to help reduce the deficit. latest version of the plan would prevent a tax hike on the first quarter million dollars of a person's earning. >> the wealthiest americans would get a tax cut on first $250,000 and families everywhere would enjoy peace of mind. senate has done their part. we're waiting for republicans and so far they have put unballoted plan that lowers rates for the wealthy americans. >> marco rubio says it will not reduce the nation's $16 trillion debt. >> officials for the proposed sonoma marin smart train are looking to get federal funding to buy more train cars. smart train is committed to go to cloverdale and larkspur but more rail cars would be needed. they report that money force the cars would come out of the budget for pedestrian and bicycle paths. bicycle advocates say it will take away two-thirds of their funding setting the plan back five years. >> three women who dined at a stockton card room saying the bill they re
FOX Business
Dec 4, 2012 3:00pm EST
in your crystal ball going to happen next week? >> we only have ten dates to fix this fiscal cliff because congress officially leaves a week from friday. they only work until a week from friday so the market will start to get nervous that we don't have an agreement of we don't get it by next week so i expect to see volatility creep back into this otherwise selling market towards the middle of next week because we all know negotiating styles are such that you won't get a resolution to the last minute. markets are going to shoot one warning shot across the bout of congress and the president before all is said and done. liz: if you stretch this out a year this is unbelievably low so sure you are not saying traae the vix or by edfs that involved in the vix. what is the smart money doing right now? >> it is looking at two trade. if you want to own stocks and an end of the year protectors of that buying chief put options anticipating a pickup in volatility and not having to ride the volatility in your portfolio. the second strategy is to buy some cheap call options. as we go to the end of the year everybody expects
NBC
Dec 10, 2012 4:00pm EST
on the fiscal cliff. >> all congress needs to do is pass a law that would prehaven't a tax hike on the first $250 of everybody's income. >> the latest campaign stop had an announcement. business leaders warn this time of investment will suffer without a deal to avoid billions in tax increases and spending cuts next year. >> we have more than -- i think 103 ceos in town last week. the message was sit down, work it out. back in washington there's new momentum. yesterday p many p.m. and house speaker john boehner met one on one for the first time this year. then today staffers continued the private negotiations. the sooner the better, we all know el that. >> reporter: an increasing number of -- >> i actually amb ginning to believe that is the best route for us to take to again shift the focus where it needs to be, which is on entitlements. >> reporter: and budget experts see more democrats open to cutting social security and medicare. >> it's like, gosh, senator durbin, who is very, very close to the president, saying hey, look, on medicare, you know, i wouldn't like it, but i'd be wi
MSNBC
Dec 5, 2012 10:00am PST
you. need that. >> thank you. following the latest on the fiscal cliff fiasco. congress is facing the issue of the fiscal cliff and other tough economic decisions. why did just today republican leadership cancel tomorrow's session allowing the house to leave town with three days left on the legislative calendar? i'll talk with two democratic members of congress just and allyson schwartz and john yarmuth. i'll talk to roger simon. he has a scathing new column out on republicans. roger says, quote, listen to this, republicans have found their stab in the back. it was the minorities what done them in. that's what he wrote. we'll ask him about it. ♪ i'd like to thank eating right, whole grain, multigrain cheerios! mom, are those my jeans? [ female announcer ] people who choose more whole grain tend to weigh less than those who don't. multigrain cheerios stop! stop! stop! come back here! humans -- we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back with great ideas like our optional better car replacement. if your car is
ABC
Dec 4, 2012 4:00am PST
governors today on urgent talks to avoid that fiscal cliff. republicans and democrats in congress appeared no closer to a compromise. here's abc's tahman bradley. >> reporter: congressional republicans' counterproposal was dead on arrival. the white house quickly rejected the $2.2 trillion deficit reduction plan, that would raise $800 billion in tax revenue over the next decade. but the plan calls for raising the revenue without raising tax rates on top income earners, something the white house views as unacceptable. during a photo op, the president avoided questions about the gop plan. >> no deal better than a bad deal, sir? >> reporter: a senior white house official called the proposal a step backwards. saying if republicans do not agree to some higher tax rates for the wealthy, the nation will go over the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a
SFGTV
Dec 4, 2012 9:00pm PST
fiscal cliff and sequestration cuts that it includes. the impacts on san francisco could be devastating. until we have more clarity, what congress as a whole might or might not do we will need to remain vigilant about protecting our reserves and the city's financial position. that said i'm encouraged by the reelection of president obama and certainly for the leadership that leader pelosi has given and will continue to give. we will need their leadership as the president must quickly face the challenge of his second term, avoiding this fiscal cliff. in august of 2011 congress passed the budget control act which threatened automatic spending cuts if congress failed to come up with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration will reduce federal funding direct to san francisco by at least 26.5 million dollars a year, eve
CSPAN
Dec 9, 2012 11:00pm EST
look at the status of the fiscal cliff negotiations between congress and the white house. then a discussion on the role of lobbyists in those talks on the fiscal cliff
MSNBC
Dec 3, 2012 6:00am PST
thing in the long run? going off that fiscal cliff. to this point most of the conversation has been focused on what happens in january, and for good reason. there's no deal in congress. tax rates go up for a lot of folks, all americans. and a $1.2 trillion worth of defense and spending cuts will be automatically enacted. excuse me, that fiscal cough i told you about. the alternative minimum tax kicks in and put it all together and the results are pretty. the economy would contract by half a percent in 2013. unemployment would raise to 9.1% and the economy would experience what cbo said would be judged as a recession. but after that, then things start to look pretty good. the cbo says after next year by the agency's estimates economic growth will pick up. the labor market will strengthen returning output to its potential level. 5.5% by 2018. essentially if no deal is struck, the federal government would be forced to do what it's refused to do willingly, make dramatic changes in taxes and spending. if those changes happen automatically, the cbo estimates it would have a positive long-term impact. by comparison, it says current law is kept in place, output and income would
CNN
Dec 5, 2012 7:00pm PST
administration is willing to go over the fiscal cliff if republicans don't agree to raising taxes on the rich. all this week we've been focusing on what it is about this congress and this administration that makes it seem like compromise is a dirty word. certainly the extremes in the party seem to view it that way. we've been talking with past congressional leaders who have sat down at the negotiating table, facing sharp differences with the other political party in the past and still managing to come out with a deal. today i spoke a short while ago with trent lott, author of "herding cats: a life in politics." >> senator lott, you and senator mitchell wrote op-eds. you said one solution is to hold congress at hearings, marking up legislation. most americans would agree with that but be surprised to hear, i mean, that's their job. i think most of us, you know, would assume, isn't that their job description? >> well, they've slowly slipped away. for several years now. they don't do appropriations bills before the end of the fiscal year, not even before the end of the calendar year. they haven't had a traditional conference between the house and senate in at least a
FOX Business
Dec 10, 2012 6:00pm EST
the best many moves with or without the fiscal cliff in two minutes. tracy: whether congress and the president and rigid fiscal cliff deal before january 1 remains up in the air. here with the tips, managing director of wealth held financial planning. i think it is an important point for people to understand what the fiscal cliff aside, you have a year-end tax plan. >> there is a usual thing you should still be doing every year. with the rates going up, like a grown-up, there are more valuable than if you don't use them this year. tracy: many people wanting to save their gains, take the losses. >> everybody talks about taking again now, buying back, hire you don't want to accelerate10 texas unless you know you're going to sell those anyway. soon into 2013. if you have a concentrated position is a lot of risk to get out. the next six to 10 months, accelerate. in a long-term investment, there's no reason i don't think accelerate the games to pay uncle sam early. tracy: if you are in a position is a short-term gain, would you buy it back in their retirement accounts like iras? >> it dep
Current
Dec 6, 2012 3:00am PST
house press corps. the day started with -- on the fiscal cliff. no real progress made. in fact, one thing we want to talk to congresswoman donna edwards about is the fact that congress is so not happening right now and negotiations so not happening that congress -- members of congress went home last night. president obama very much on the case, went out yesterday morning to meet with members of the business roundtable and he told members of the roundtable first of all that they -- there's absolutely part of the equation has to be raising rates on the top 2% of americans. without that there won't be any deal. president obama with the business roundtable. >> any formula that says we can't increase tax rates probably only yields about $300 to $400 billion realistically. that's well short of the amount of revenue that's needed for a balanced package. >> bill: just won't cut it. the president said. he also appeared yesterday morning on tom joyner's radio show. and said if you want a deal, if you want a compromise, there's only one way to get there and that's the one thing missing if republicans will agree that tax rates will not -- will not -- the tax cuts will not continue
PBS
Dec 3, 2012 7:00pm PST
2012 is the fiscal cliff. analysts say if congress and the white house don't quickly resolve the budget crisis consumers could tighten their belts, throwing a speed bump into what has been an otherwise blockbuster year. diane eastabrook, "n.b.r.," chicago. >> susie: meanwhile, ford is going all out to rev up its upscale lincoln brand. the company is re-naming the division, "the lincoln motor company". it's not a separate company, but a separate brand from ford's mainstream models. at an event in new york city's lincoln center, ford introduced the new lincoln mkz sedan, one of four luxury, and fuel efficient models coming out over the next four years. >> no one offers a car that's more fuel he fishant than the this hybrid no one offers a vehicle with the kind of craftsmanship and beautifully skimp find interior that we val. and when you drive it, it's going to be as fun to drive as a bmw but as quiet and comfortable at a lexus. >> susie: this is ford's latest campaign to stage a comeback for lincoln. when i talked to the c.e.o. alan mall ally i asked him if this is his last push to save
PBS
Dec 4, 2012 7:00pm PST
congress are negotiating issues around the fiscal cliff. we think it is really important that they get something done because, obviously, if tax rates go up on middle-class americans come next month, it will be bad for those middle-class americans, it is will be bad for our states, and we're concerned about both the fiscal side and the economic growth side. >> susie: so talk to us a little bit about what kind of deal you would like to see. what were you proposing to the president? >> let's put it this way, if money is just shifted from the federal government to the states, that's not really saving anything. and the president understands that. we think it is really important. recognizing if there are cuts in funds, there ought to be a corresponding reduction in some of the requirements that are put on the states. so we really, as much as anything else, wanted to make sure that our voices are heard and that as decisions are made, whether it is about taxes, whether it is about spending cuts, that they be done equitably and with our input. >> susie: your state is headquarters to many large
ABC
Dec 6, 2012 4:30am EST
manufacturer claims it is safe when used according to directions. >> 20 days until the fiscal cliff. there's a possibility if the white house and congressional leaders could resume negotiations. president obama call don banner to discuss ways to avert this. congress's joint economic committee will hold. today on how the fiscal cliff could affect the middle class economic growth, and the deficit. >> it's 35 degrees on this thursday morning. next, an unusual decision by judge. >> which of two people with a criminal past deserved to go to annapolis to represent prince george's county? greg good morning and welcome back. right now we are little busy on the maryland beltway. not seeing any delays for now but prepare for the morning rush-hour. this is footage from a tractor- trailer that overturned loaded with boxes of pineapples. leaving college park and to 270 the right lane will be blocked the entire morning rush hour. they're waiting for a truck to offload the boxes. john gonzalez will have more details later. but the right lane will be blocked through the morning rush hour. after 9:00 we will try to get that back on its wheels. how about the forecast? >> 36 degrees. it is cold this morning. the big chill has returned to the metro area. you can feel the di
FOX News
Dec 8, 2012 3:00am PST
that's ainsley air earhardt in for alisyn. >> in for dave briggs. fiscal cliff. just a few days left. if you count christmas. only a few weeckets and got the christmas break so congress better get its act together what we're going to do. the president says the wealthy. all target on the wealthy listen to the president. >> if we are serious about paying deficit while still investing in education and research that are important to growing our economy and if we are serious about protecting middle class families then we are going to have to ask the wettiest americans to pay higher tax rates. that's one principle i won't compromise on. >> higher tax rate, of course, at issue and whether or not as republicans had hoped they could just close loopholes and tax deductions and that could. >> he keep say the wealthiest americans but $250,000 that's not the wealthest of america. >> right. so there was some word during the campaign when joe biden let slip that $1 million would be the threshold for which they would begin to tax the wealthest americans. marco rubio on a saturday morning addressed as well. they are going after each other. senator marco rubio and president obama in these du
PBS
Dec 4, 2012 6:30pm PST
: we turn tonight to other opinions on the fiscal cliff impasse. we talk with the chairman of the national governor's association, and we also hear from a leading advocate for responsible fiscal policy. we begin with governor jack markell, the democrat from delaware. he was one of six governors meeting with president obama today to talk about how the fiscal cliff impacts their states. i asked him what was his message to the president. >> our message was pretty straightforward. we believe that it is important that governors have a seat at the table as the president and leaders in congress are negotiating issues around the fiscal cliff. we think it is really important that they get something done because, obviously, if tax rates go up on middle-class americans come next month, it will be bad for those middle-class americans, it is will be bad for our states, and we're concerned about both the fiscal side and the economic growth side. >> susie: so talk to us a little bit about what kind of deal you would like to see. what were you proposing to the president? >> let's put it this way,
FOX Business
Dec 7, 2012 11:00am EST
the fiscal cliff. if congress doesn't act jobless unemployment benefits will go from a 72 week maximum down to 27 weeks. could that force a spike in the jobless rate again for 2013? joining us is todd schoenberger of wells fargo, senior economist. i know you were not thrilled with the numbers that came out today but you also have the issue of unemployment benefits and what that does to the economy. are you worried? >> you bet i am worried. if we leap off of the fiscal cliff you are looking at a minimum of 500,000 jobs eliminated and i am not talking low-wage jobs. i am talking about high five digit to six digit jobs. that will impact the overall economy. not just in the united states, also the global economy. you have to start looking at multinationals that trade on wall street. cheryl: some on the democratic side say they want to see unemployment extended for 200013. they argue it will hurt the economy if we don't extend unemployment. do you agree with that assumption? >> i don't think that is true. extended unemployment benefits have been winding down on a state-by-state basi
CBS
Dec 10, 2012 4:00am PST
. >> reporter: with defense spending on the chopping block, even if congress avoids the fiscal cliff, hudson predicts a 15% slowdown in orders next year. >> it could be june before we start seeing orders, and if that's true, i will end up laying off people. >> reporter: hudson's also concerned about taxes. because his profits are treated as income, that puts him over $250,000 a year, the level at which president obama wants taxes to go up. >> i'm supposedly a rich guy? i don't think so. i think we ought to pay our share, but that could have an impact to the point that i may have to lay off one or two more people. >> reporter: the financial impact of the affordable health care act is also a question mark as the plan slowly phases in. >> i believe in families and supporting the employees, but, again, it's a big unknown. we looked at whether it might be beneficial to cancel the insurance and pay the penalties. >> reporter: like any military man, hudson is running every scenario to stay in business. >> it's really sad, isn't it, that we've got to fight our own system to survive. >> repor
MSNBC
Dec 3, 2012 1:00pm PST
republicans just want to protect those at the very top even if it means going over the fiscal cliff. >> the president will host members of congress for a holiday reception tonight. i would love to be there. even as fiscal cliff tensions are very high. would you recommend someone perhaps spike the punch for republicans in order to break the impasse? >> well, look, i don't know what it will take. i'm not even sure that would do the trick, but, i mean, i think what they should consider with the president tonight is that they need to get this behind them. they are a party that is weaker politically than they were a month ago. they're a party that will be even weaker once the new year rolls around. they'll have a smaller majority in the house. they'll have a smaller minority in the senate. the president has very strong approval ratings right now, particularly for his approach to the fiscal cliff. they're going to be in a stronger political position if they reach an agreement with the president and put this behind them. then they can go on into the new year. they're not going to be strengthened by allowing us to go over the fiscal cliff an
CBS
Dec 5, 2012 5:30pm PST
and there are just 27 days before that so- called fiscal cliff. that's the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congress find a gentler way to solve the crisis in the federal budget. here's how treasury secretary tim geithner put it on cnbc. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> pelley: by top 2%, he means individuals making more than $200,000 and couples taking in $250,000 or more. republicans say rates shouldn't be increased on anyone. with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $40,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, there is a code of silence
CSPAN
Dec 3, 2012 2:55pm EST
. >> we look at some of the tax credits and deductions to expire as part of the fiscal cliff. >> as part of our series looking into the so-called fiscal cliff, we turn to deductions and tax loopholes. some are potentially on the chopping block as congress and the white house negotiate how to move forward. joining us is john mccain, thank you for being here this morning. what are loopholes and deductions? we hear those words a lot. >> loopholes are really in the eye of the beholder, tax breaks of all different sorts. and whether you like a particular loophole depends on where you said. deductions are the ones most people are most familiar with. the big itemized deductions are the home mortgage interest deduction. the deduction for charitable contributions is important. there are all kinds of other breaks. there are some that are big that people may not be aware of. the health care that we get a work represents a big source of income to a lot of people. it doesn't count as income on your taxes. that is a giant break in itself and known as an exemption. there are other breaks that exist. the earned income tax credit goes to the working poor. then folks with children get a child credit that is a lucrative credit, worth $1,000 per child right n
CNN
Dec 8, 2012 10:00am PST
. now fears about the fiscal cliff and america's $16.3 trillion debt are pushing some, seen here, to renounce the pledge. i have been highlighting members of congress who said they are getting over grover. one of those members is tom cole of oklahoma. he signed the pledge and says he's not bound by it anymore. representative cole, a month ago you wrote allowing taxes to rise for just the top bracket may seem an acceptable middle ground by comparison. but this path would be enormously damaging to the economy, which meant you weren't going to do it. now you have been urnling your fellow congressmen to at least extend the bush era tax cuts to those making less than $250,000 and then do battle over tax cuts for the wealthy later. what changed your mind? >> first of all, nothing changed my mind. frankly you mischaracterized my position. i'm not for raising tax rates on anybody. i don't think it's a good idea. bad for the economy. going to slow down, hurt rates. that's my position, not because i signed a pledge. that's what i believe. what i have said is we agree with the president that taxes on 98% of the american people shouldn't go up. that's 80% of the b
SFGTV2
Dec 3, 2012 5:30pm PST
it. we have concerns of other social safety net as our congress is on the fiscal cliff and we're all bracing for hopefully good things to happen, as they've been happening in our world class city. so, i want to again thank salvation army for helping us be the world class city that we are, giving ourselves the world class heart that we always have. so, happy thanksgiving, everybody, and let's get to these nude turkeys. [laughter] (applause) >> thank you very much, mr. mayor. and thank you so much for being here. you can carve while i do some more talking here. if you'll pay attention to the marvelous things they're doing with the turkey carving. we have 6,000 pounds of turkey here, believe it or not, 1400 pounds of green beans, 1600 pounds of yams. it's been cooking for 4-1/2 days around the clock back in that lovely little kitchen of ours. and all that work did not disrupt the usual activities, 360 meals, 400 sandwiches for homeless people. they're still baking the brownies cakes and cookies. 300 delivery routes, 500 volunteers, 6100 meals to seniors and shut-ins. the meal, roasted t
FOX News
Dec 6, 2012 2:00am PST
morning f. we go over the fiscal cliff small business owners could see the tax rates rise to over 50 percent. >> it is eye popping isn't it. pray congress makes a deal to avoid going over the fiscal cliff. high income workers there will get more than 50 percent. it targets income brackets. state taxes went up. they are now higher than both new york city as well as hawaii. >> when it comes to jobs being added different numbers, 118,000. >> this is the first week of the month we get a lot of jobs data. storm event coming in when i say storm literally we will see the effects of super storm sandy. private job creation says businesses added 118,000 jobs in november. if it were not for sandy that number would have been north of 200,000. adt may have a stronger jobs report that's the big one economists look at. we expect 93,000 nonfarm jobs have been created last month. the numbers are weak and they suggest it's not just a storm but it is worried about the fiscal cliff holding businesses back from hiring. >> business owners and other people on e-mail which is most of us. when you are reading the e-mails and writing them you rate changes. >> pay atte
CBS
Dec 4, 2012 4:30am PST
the "fiscal cliff." >> reporter: and they say it's now up to the president to find a plan that can pass both chambers of congress. susan mcginnis, cbs news, washington. >>> time now 4:40. santa comes early for some facing foreclosure. the promise being made to certain people struggling to keep their homes. >> plus the white house's worst fears. what the syrian government may try to do to its people. >> but a beer run gets ugly as fist flies. the suspects and the struggle coming up after the break. clerk got into a fist fightr beer. surveillance video shows a man apparently steag two cases of beer from the s statio >>> a south carolina convenience story lines clerk got into fistfight over a case of beer. a man is shown stealing two cases of beer from the gas station. you see the store employee trying to get it back. they struggle. the beer spills and at one points they raise fists and go at it. police have not caught anyone and the beer was a total loss. >> it looked like it spilled all over the pavement. >> wants his beer back. >>> speaking of beer, sad story. >> hey, guys. looks like we have some rain come again. this
FOX News
Dec 6, 2012 6:00pm EST
ever used the fiscal cliff. usual through debt ceiling as a bargaining point, which is what happened last year. this something we never dealt with. >> what would happen if the congress said no? the president would be forced to operate the federal government in money available to him. >> nobody said that to ronald reagan or the first george busher second george bush. >> democrats voted against raising the debt ceiling. >> but nobody has ever, ever stopped it and made it a point of then fiscal negotiation. only happened once. >> we have never been in treacherous, perilous fiscal circumstances as today. >> bret: top senate republican calling it quits was here on the set with us. the all-stars weigh in on that. surprising development next. initiated. neural speeds increasing to 4g lte. brain upgrading to a quad-core processor. predictive intelligence with google now complete. introducing droid dna by htc. it's not an upgrade to your phone. it's an upgrade to yourself. [ female announcer ] some people like to pretend a flood could never happen to them. and that their homeowners insurance protects them. [ thunder crashes ] it doesn't. stop pretending. only flood insurance cove
FOX News
Dec 5, 2012 11:00pm EST
something here that avoids this fiscal cliff which is a creation of congress. it's a bipartisan creation. this fiscal cliff is the result of the last fiscal cliff. >> bill: that put a date on there. >> yeah. >> bill: may extend the date that's what i think is going to happen. >> my hope is is that we can avoid the bad stuff. then we have to deal with the 16 trillion-dollar debt that $1 trillion a year in deficit spending. we have to solve that. that thing is not going to solve itself. >> bill: doesn't feel like the president feels the urgency that you feel. you are one of the leaders of the republican party whether you want to be or not. there you are. so you find yourself now trying to get the republican party reorganized and back into the populist column. ain't going to be easy for you, senator. because you have got to be the senator from florida and at the same time try to resurrect this party. >> well, it's -- but i think the people of florida have the same ax sights as the people of our country. i'm informed by my own background and my own experience in life my parents worked in the
FOX News
Dec 9, 2012 6:00am EST
that. let's listen to what he had to say about the fiscal cliff. >> congress can avoid all of this bypassing a law that pass as tax hike on the first $250,000 on everybody's income. that means 90% of americans and 90% of small businesses wouldn't see their income taxes go up by a single dime. even the wealthiest americans would get tax cuts on the first $250,000 of their income. and families everywhere would enjoy some peace of mind. >> clayton: i think that republicans agree and a number of republicans say this, they're in a poor bargaining position. they he lost the election and polls show most americans agree with the president's position on tax hikes. furthermore, if this fiscal cliff happened 23 days from now, the president, if he doesn't do anything, those bush tax cuts expire, no negotiation at all. the bush tax cuts expire and the defense cuts go into place if the president basically doesn't return phone calls. >> speaking of polls, a lot of polls show if that happens, the republicans will be blamed for it, not the president. >> clayton: like 1995 all over again. >> mike: e
CNN
Dec 6, 2012 2:00pm EST
us now. >>> americans could be singing the blues if congress doesn't act to avert the fiscal cliff. the longer congress waits the more complicated for businesses to figure out how much to pay workers early next year. the confusion could cost employers money, especially small businesses which use payroll software which takes time away from running their business. starbucks ceo howard schultz agrees. >> this single issue has a seismic affect on the rest of the world that we have never been as connected in the domino effect of a bad outcome here will have significant negative consequences domestically and around the world. >> negative consequences, seismic or not, none is stopping starbucks plans for 1,500 more cafes across america next year. and just as many around the world. but we get his point. >>> speaking of the fiscal cliff, we know what the parameters of a deal in congress will look like, right? on taxes, republicans give in to raise taxes on the wealthiest 2% and democrats will agree to rein in tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that
MSNBC
Dec 7, 2012 11:00am PST
everybody under 250. >> is the administration prepared to go over the fiscal cliff? >> absolutely. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes, i will not play that game. >> he's the last person who should have limitless borrowing power. look, the only way we ever cut spending around here is by using the debate over the debt limit to do it. >> joining me now is nbc's senior political editor, mark murray. we've heard a lot about this idea of decoupling the tax cuts where the house would pass two girls, one for the middle class and one for top earners leaving it up to the senate to reject the tax cut for the rich. is that idea really on the table at this point? >> craig, that decoupling is what the white house and democrats do want. there does seem to be an indication and all the signs point to at the end of the day republicans in some form or fashion might end up budging on floo that front. you played a bunch of clips of republicans and democrats engaging in a lot of posturing and pr. a lot influences the public in this debate as well as the news me
Current
Dec 5, 2012 2:00pm PST
congress until a credible solution to the fiscal cliff has been announced." the house will not adjourn. not! but don't worry, he will be on to the next stage soon enough. it is kind of ironic, since, of course they adjourned today until next week. this is a wednesday. but anyway, that's bargaining is the next stage. and of course bargaining means that you hope to be able to compromise. you hope to be able to avoid the inevitable. the poster boy for this one is oklahoma senator tom coburn who said today that he would rather see tax rates go up than close loopholes because then he thinks he can get tax reform passed in the future. a little bit of wishful thinking. >> i know we have to raise revenue. i don't really care which way we do it. actually, i would rather see the rates go up than do it the other way because it gives us greater chance to reform the tax code and broaden the base in the future. >> jennifer: so he's not giving in. he's just bargaining now to see what he can get later. and then we've got the fourth stage which is depression. which is often accompanied accordin
KRON
Dec 5, 2012 5:00pm PST
pin a negotiating tactic on republicans, saying congress can't tie fiscal cliff negotiations to upcoming debt ceiling votes. >> i will not play that game. we've got to break that habit before it starts. >> it's a sign the two sides have a lot to discuss---once they decide to do so. emily schmidt, kron4 news >> depending on you who you speak with. this wild prank. the hospital got a call from deejays she was pretending to be the queen and he was pretending that he was prince charles. incredibly, the hospital thought that it was correct and they released information. >> the call was put through to the ward and i am not impressed i think it was a pretty poor trick to play. there is no chance that this could have been put to the patient. >>catherine: that's the hospital boss - trying to save face. but a lot of people think it was pretty funny - especially when a nurse began instructing the 'queen' on when she should show up during visiting hours. the radio station is apologizing. >> coming up you could be surprised what is coming through the waterways on its way to san francisco bay
MSNBC
Dec 9, 2012 11:00am PST
, but i want to talk about what's been top of mind for both of you, and that is the fiscal cliff deadline that congress faces. the reality is, if you hear it from the outside, these public statements from both sides, it doesn't sound very good. here's speaker boehner and the president talking at the end of the week. >> when it comes to the fiscal cliff, this threatening of our economy and threatening jobs, the white house has wasted another week. the president has adopted a deliberate strategy to slow walk or economy right to the edge of the fiscal cliff. >> we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> so here's my sense, congressman mccarthy. why in the minds of republicans aren't they processing it this way? look, president, we'll give you what you want on rates. let them go up. but we have to get something in return. big cuts in the medicare program, and we're willing to make a deal is. that essentially the thinking of speaker boehner at this point? >> the president wants the rates to go up, that doesn't solve the problem and we don'
CNBC
Dec 6, 2012 6:00am EST
you both. >> thank you. >> coming up, congress convening a significant fiscal cliff hearing today. so we have that going for us. and before he heads there, one of the experts testifying will join us next. first as we led to break, check out what's trending on yahoo! right now. leading the way, susan luckey dies. best known for playing in the music man. she's dead at age 74. made a commitment to the gulf.p bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >>> the u.s. equity futures are indicated a little higher this morning after the gains we saw yesterday at least for the dow. the nasdaq and s&p 500 gave up some ground because of the losses with apple, but this morning moderate green arrows. in our headlines, adults can now legally
CBS
Dec 2, 2012 8:30am PST
senator dianne feinstein. on page two, we'll get analysis on where the argument over the fiscal cliff goes. and the consequences if congress fails to get agreement. we'll talk to maya macguineas, head of the campaign to fix the debt. mark zandi of "moody's "analytics. and our own john dicker sen. captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. >> schieffer: and good morning again. treasurer treasury secretary tim geithner laid out the emotion's opening offer on how to fix the debt. it wasn't what the republicans want to hear. basically geithner said no waw to cut a deal without raising taxes on upper income americans. even though, he said he's optimistic some kind of deal can be reached by the end of the year, and he said 98% of americans will not see a tax rate increase. here's what he told us when we sat down with him. >> i do think we're going to get there because the only thing that stands in the way of an agreement that's good for the economy is if a group of republicans decide they're going to block and increase in tax rates on the wealthiest americans. i think it's unlikely t
CBS
Dec 9, 2012 6:00pm PST
forecast. >> reporter: with defense spending on the chopping block, even with congress avoids the fiscal cliff, hudson predicts that 15% slowdown in orders next year. >> it could be june before we start seeing orders and if that's true, i will end up laying off people. >> reporter: hudson is also concerned about taxes. because it's profits are treated as income, that puts them over $250,000 a year. the level where president obama wants taxes to go up. >> i'm supposedly a rich guy? i don't think so! i think we ought to pay our share. but that could have a significant impact to the point that i may have to lay off one or two more people. >> reporter: the financial impact of the affordable health care act is also a question mark as the plan slowly phases in. >> i believe in families and support and the employees but again it's a big unknown. we have looked at whether it might just be beneficial to cancel insurance and pay the penalties. >> reporter: like any military man, hudson is running every scenario to stay in business. >> it's really sad, isn't it? and we've got to fight our own syste
NBC
Dec 9, 2012 8:00am EST
fiscal cliff deadline. can congress and the white house reach a deal? david gregory is moderator of "meet the press." good morning. >> willie, good morning. >> we've heard a lot of tough talk, pes sichl surrousimism su negotiations. you spent time on capitol hill and came away optimistic. why? >> what's changed from the last debacle speaker boehner has more room within his own ranks. the republicans have done away with the feeling they have to oppose the president because the election is coming and they want to deny him a big victory. there's more room to let the taxes go up if he can get a bigger return on cutting medicare. that's what conservatives want, they come out publicly on "morning joe" saying that we should do that to get a bigger deal, that's part of what's going into the negotiations. the question is whether the president is willing to give up on that. lot of liberals don't want to give too much in the way of medicare cuts. >> one of speaker boehner's guiding principles, being for republicans and conservatives at large raising taxes is not good for the economy. how does
NBC
Dec 10, 2012 4:30am EST
benefits until the fiscal cliff is resolved. the petition has gotten more than 11,000 signatures. but 25,000 are needed to get a white house response. >>> a yale professor compiled the list of the best political quotes of the year. he has mitt romney's comments on the 47% as number one. number two was -- can you guess -- binders full of women. yep. president obama got the third spot with his "he didn't build that." >>> and a monkey wearing a wool coat and a diaper shocked shoppers at an ikea store in toronto. the animal escaped from a car, and its owner is facing charge for having an animal banned by canadian law. he's so cute, isn't he? >>> stocks kick off the week with the dow at 13,155 after climbing 81 points friday. the s&p up four, and the nasdaq fell 11. overseas, the nikkei gained six points while the hang seng climbed 85. >>> wall street is watching for any new fiscal cliff developments. the folks at fedex will be hustling and bustling on their busiest day of the year. the shipping giant expects to make about 19 million deliveries. that's thanks to this year's double digit gr
MSNBC
Dec 7, 2012 3:00pm PST
avoid the fiscal cliff. compared to just 36% who trust republicans in congress. also today speaker boehner said he wouldn't rule out an agreement to raise taxes as part of a fiscal cliff deal. but he also said there's no progress. this is what winning looks like. joining me now, e.j. dionne and thank you both for your time. senator solis, the jobless rate is at a four-year low. that's quite an achievement. >> yes, reverend re. but we still need to do more. in sectors like retail and health care and tourism and hospitality. we need to do more because people are still suffering. we've got to put jobs back in infrastructure and construction and put our teachers. that's why the president is working so hard so we don't go off the fiscal cliff so we keep the most vulnerable people out of harm's way. to pay $2,200. we've got to talk about fairness here and i'm very excited that the public is listening to the message that the president has made very, very clear. >> 146,000 new private sector jobs last month but one of the things that you talk about is the public sector. the president has p
PBS
Dec 9, 2012 6:00pm PST
keep that in mind as we head towards the fiscal cliff. only four in 10 americans expect the white house and congress to reach a deal on the cliff before the first of the year, and if this goes south, a 53% of the american people are prepared to blame republicans. the president's job approval rating is well over 50%. congress' approval rating is under 20%. why what a the president back down? >> the president isn't interested in a balanced agreement, not particularly interested in avoiding a fiscal cliff, and clearly not been tested at all in cutting and spending. >> the senate minority leader says that what the president is interested in is getting as much taxpayer money has he can so that he can spend to his heart's content. with his approval ratings going up and congress' numbers at historic lows and the unemployment rate dropping, why with the president back down? charles? >> to some extent he is under estimating the damage she will suffer if -- he suffer if we go over the cliff. it will hurt the republicans in congress, which is why democrats will relish going over the cliff. but obama is not runnin
CBS
Dec 5, 2012 7:00am PST
references to conversations about the the fiscal cliff with congress iion republicans. i can confirm this morning through my sources here at the white house and on capitol hill that there were no substantive conversations or negotiations yesterday at all. no formal e-mails, to conversations, nothing. house speaker boehner's countdown led to the lighting of the capitol hill christmas tree last night. >> three, two, one. >> reporter: but washington is counting down this month to the dark unknown of the fiscal cliff. >> thanks for having me. >> reporter: on his first view sbr interview on the fiscal cliff, he rejected john boehner's proposal. >> unfortunately the speaker's proposal is out of balance. >> reporter: raising taxes on households earning more than $250,000. >> we'll have to see the rates on the top 2% go up. we're not going to be able to get a deal without it. >> reporter: republicans want smaller tax increases overall and no movement on higher income tax rates. they want to cut unnamed tax bre breaks and deductions, which they say will do more to boost economic growth. the white
CBS
Dec 6, 2012 12:00pm EST
cliff. groups are holding rallies on capitol hill demanding that congress and the. reach a deal. danielle nottingham has more. >> reporter: lawmakers are getting an earful about why they need to avoid the so- called fiscal cliff. >> you've got to nail this down. uncertainty is killing us. >> reporter: top economists came to capitol hill thursday to talk about the impact of tax increases and government spending cuts on the middle class. president obama and house speaker john baner -- john boehner spoke wednesday but publicly are holding firm on their positions. it's made clear the country could go over the cliff if congress fails to come to a agreement. the standoff and the country's skyrocketing debt concerned ryan ryan, so much so that he's the guy in the suit dancing gangnam style with former senator alan simpson. the can kicks back is working to get young people back to fixing the debt crisis. >> we're using humor to hook them in and get them to learn about this issue and understand how it affects their lives. >> reporter: the grass roots campaign wants to sign up more than t
MSNBC
Dec 10, 2012 11:00am PST
it's we the people that demand that the politicians and congress resolve this fiscal cliff but resolve in it a way that makes our country stronger. >> let me bring in the "news nation" political panel. neimalik henderson and goodfreend and contributor michael smerkonish. you the people, you talk to folks all day long on the radio show that you have that's syndicated in cities and states. what do you make of the president picking up where he left off so often going straight to the folks at snoem. >> he is really mained a full court press that began in the campaign season and never ended after election day and i think that two-prong attack you reference is good politics and seems to be working in large part because there's a vacuum within the republican party or on the right generally. you could say speaker boehner is the head now for negotiation purposes but i don't think anybody is really the president's equal in this dynamic and he's exploiting that to great advantage. >> let me bring you in on this, david. last week we discussed this, as well. the first read team pointed out we see a
CNN
Dec 9, 2012 1:00pm PST
got off the fiscal cliff. 53% say republicans in congress, 27% say president obama. 17% say it's both. what do republicans have in this battle? they really don't have much leverage, do they? >> the democrats faced the same thing in 2000, when george w. bush got elected, they realized they were going to have to scale back and do what he wanted hem to do. they're going to ask for entitle been reform. >> and this is going to happen on december 31st at 11:59? >> boehner and obama are meeting today for a reason because they know they have to do the chest beating inside and out. please, obama's begging, boehner's begging, they're going to finish this up. >>> a popular mexican american singer is missing. she just performed at a concert in mexico last night. what happened after she boarded a plane. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to ame
MSNBC
Dec 5, 2012 1:00pm PST
debt ceiling issue out of discussions about the fiscal cliff. take a listen. >> if congress in any way suggests they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, i will not play that game. >> congressman, the last time republicans used the debt ceiling for political purposes, the full faith and credit of this nation was downgraded. are they really happy, really happy, in the face of what you've just heard the president say, are they happy to do if again? >> yeah, they have acted irresponsibly. many house republicans have acted like children. they have behaved like children. when children behave containing yously, you take the dangerous toy as way from them. they want to continue on a three-month basis. they have tried to schett down the federal government on a three-month timetable because they don't fundamentally believe the government should help grow the middle class or help small businesses retire people, retain employees, or helping veterans. so we don't think it's a good idea for them to contin
FOX News
Dec 7, 2012 3:00pm PST
cliff. ed henry tells us not everyone is pessimistic. >> reporter: literally snapping his fingers, vice president joe biden today suggested it will be easy to finish a deal with congress to avoid the fiscal cliff. >> it would take 15 minutes from the time the decision is made by the speaker of the house to pass and make permanent middle class tax cut. the president would probably have me sprint up to the hill to bring the bill down for him to sign. it can be done like that. it is not complicated. >> greg: speaker bane -- >> reporter: speaker john boehner not so optimistic. >> this is not a progress report, there is no progression to report. report. >> reporter: he blasted for not offering a counterproposal to his plan and they seemed more than ever going to stop the tax increase. economy shrugged off hurricane sandy to create 146,000 new jobs, nearly double what forecasters had said, job creation for september and october was revised downward by a total of 49,000. another 350,000 people were so discouraged in november they simply stopped looking for work and left the labor force, which is why the unemployment rate dipped to 7.7%. >> raising taxes on small businesses is n
CNN
Dec 9, 2012 2:30pm EST
of political chicken over the fiscal cliff is still being played in washington. why congress emptied out this weekend with no deal in hand. plus, what are the most intriguing images of 2012? from the disturbing to the hilarious, we' look at the
CNN
Dec 8, 2012 6:30am PST
congress gets past the fiscal cliff what you're going to start to see is there's been a groundwork laid for an economic renaissance in the united states, gas prices, natural gas prices have come down because we're finding so much of it and producing more oil. know there's a housing boom and there's been a resurgence in manufacturing. now the problem with manufacturing is not creating as many jobs. more manufacturing output but those are the areas we can concentrate on, energy, manufacturing and housing to create more jobs, and that's already kind of happening. government can only stand in the way of this right now by not getting the fiscal house in order. >> that's what's so important here because you want to see things looking forward, grow better than we have this year, the fiscal cliff in the way. republicans say if you raise taxes on the top 2% that will hurt small business and will kill jobs. talked to the ceo of fedex and he says, shall we say, there's mythology around that assumption. listen. >> the reality is the vast majority of jobs in the united states are produced by ca
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